European stocks fell for a fourth day as the U.S. said Ukraine should proceed with its presidential election this month, ignoring Russia’s calls to postpone the vote.
The Stoxx Europe 600 Index retreated 0.3% to 334.89.
U.S. Secretary of State John Kerry said yesterday that plans by pro-Russian separatists in Ukraine’s Donetsk region to hold a May 11 referendum on secession were illegal and contrived. He said his country is ready to impose sanctions should Russia fail to withdraw its support for separatists. Ukraine’s acting Interior Minister Arsen Avakov said this week that four soldiers and about 30 pro-Russian separatists were killed in a May 5 clash.
Societe Generale declined 2% after saying net income fell to 315 million euros ($439 million) from 364 million euros a year earlier. Analysts on average had projected 868 million euros.
Siemens slipped 1.2% as Europe’s biggest engineering company said fiscal second-quarter income from continuing operations before taxes rose 21% to 1.61 billion euros. That trailed the 1.78 billion euros predicted by analysts.
Separately, Mitsubishi Heavy Industries Ltd. and Siemens AG said Wednesday that they had agreed to combine their business arms that make machinery for steel mills and other metals plants, with the Japanese partner taking a controlling stake.
Carlsberg A/S (CARLB) declined 2.5% as the world’s fourth-biggest brewer said industrywide demand in Russia will shrink. Earnings before interest and taxes, and excluding some one-time gains or costs, dropped 28% to 453 million Danish kroner ($84.5 million) from a restated 628 million kroner a year earlier, Carlsberg said.
Anheuser-Busch InBev NV fell 0.9% as the world’s biggest brewer said first-quarter earnings before interest, tax, depreciation, amortization and some items rose 11% to $3.88 billion. That trailed analysts’ estimates for $3.91 billion.
Credit Agricole advanced 3.6% as France’s third-largest bank said net income rose to 868 million euros, in line with analysts’ estimates.
The FTSE 100 index lost 0.3% to 6,776.76, setting it on track for its lowest close since late April.
HSBC Holdings PLC gave up 1%, after the banking major reported a fall in profit and revenue for the first quarter. Other banks tracked HSBC lower, with shares of Barclays PLC down 2% and Lloyds Banking Group PLC off 1.3%.
Miners dropped in London on Wednesday. BHP Billiton PLC fell 1.3%, Rio Tinto PLC gave up 0.9%, and Glencore Xstrata PLC erased 0.6%.
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